11-K 1 fin11k123113.htm FORM 11-K FOR DECEMBER 31, 2013 fin11k123113.htm




SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 11-K


(Mark One)

   X             ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended December 31, 2013

OR

 __            TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period: N/A

Commission File Number 000-08467

A. Full title of the plan and address of the plan, if different from that of the issuer named below:

WESBANCO, INC. KSOP

B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

WESBANCO, INC.
1 Bank Plaza
Wheeling, WV 26003























WesBanco, Inc. KSOP

Financial Statements
and Supplemental Schedules

December 31, 2013 and 2012 and Year Ended December 31, 2013

Table of Contents
 
Signatures
 
3
     
Report of Independent Registered Public Accounting Firm
5
     
Financial Statements:
 
     
 
Statements of Net Assets Available for Benefits
6
 
Statements of Changes in Net Assets Available for Benefits
7
 
Notes to the Financial Statements
8
     
Supplemental Schedules:
 
     
 
Schedule H, Line 4i – Schedule of Assets (Held at Year End)
19
 
Schedule H, Line 4j – Schedule of Reportable Transactions
20
     
Exhibit Index
21
 
Note:
Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for reporting and disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.


2















SIGNATURES
 

 
The Plan, pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

WESBANCO, INC. KSOP



Date: June 24, 2014                                                                                                         /s/ Robert H. Young 
Robert H. Young
Executive Vice President and
Chief Financial Officer


3

 
AUDITED FINANCIAL STATEMENTS
AND SUPPLEMENTAL SCHEDULES

WesBanco, Inc. KSOP
December 31, 2013 and 2012
with Report of Independent Registered Public Accounting Firm


4
 
Report of Independent Registered Public Accounting Firm
 
 
We have audited the accompanying statements of net assets available for benefits of WesBanco, Inc. KSOP as of December 31, 2013 and 2012, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.
 
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Plan's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
 
 
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the WesBanco, Inc. KSOP at December 31, 2013 and 2012, and the changes in its net assets available for benefits for the years then ended, in conformity with U.S. generally accepted accounting principles.
 
 
Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The accompanying supplemental Schedule of Assets (Held at Year End) as of December 31, 2013, and Schedule of Reportable Transactions for the year then ended, are presented for purposes of additional analysis and are not a required part of the financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. Such information has been subjected to the auditing procedures applied in our audits of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.
 

/s/ Ernst & Young LLP


Pittsburgh, Pennsylvania
June 24, 2014


5

 
WesBanco, Inc. KSOP
Statements of Net Assets Available for Benefits
 
           
December 31,
           
2013
 
2012
ASSETS
           
Investments, at fair value:
         
 
Registered investment companies
 
 $50,354,061
 
 $39,140,068
 
WesBanco, Inc. common stock
 
   21,071,084
 
   16,047,778
 
Money market fund
   
     6,371,108
 
     5,810,517
   
Total investments
   
   77,796,253
 
   60,998,363
                 
Receivables:
           
 
Contributions receivable - Employee
        112,502
 
        110,649
 
Contributions receivable - Employer
          64,597
 
          62,088
 
Loans to participants
   
     2,119,661
 
     1,903,386
 
Accrued dividends
   
        131,366
 
        130,505
   
Total receivables
   
     2,428,126
 
     2,206,628
                 
Total assets
     
   80,224,379
 
   63,204,991
                 
LIABILITIES
     
                  -
 
                  -
                 
Net assets available for benefits
 
 $80,224,379
 
 $63,204,991
 
See accompanying notes to the financial statements.


6

WesBanco, Inc. KSOP
Statements of Changes in Net Assets Available for Benefits

           
For the Years Ended December 31,
           
2013
 
2012
ADDITIONS
         
Investment income:
         
 
Interest and dividends
 
 $    2,541,770
 
 $    1,556,008
 
Net appreciation in fair value of investments
     13,903,565
 
       5,597,744
   
Total investment income
 
     16,445,335
 
       7,153,752
                 
Contributions:
         
 
Employer
     
       2,071,913
 
       1,895,834
 
Employee
     
       4,383,131
 
       3,502,991
   
Total contributions
 
       6,455,044
 
       5,398,825
                 
Total additions
   
     22,900,379
 
     12,552,577
                 
DEDUCTIONS
         
Distributions to participants
 
       5,863,332
 
       4,133,152
Other expense
   
           17,659
 
             4,907
                 
Total deductions
   
       5,880,991
 
       4,138,059
                 
Net increase
   
     17,019,388
 
       8,414,518
                 
Net assets available for benefits:
     
 
Beginning of year
   
     63,204,991
 
     54,790,473
                 
 
End of year
   
 $  80,224,379
 
 $  63,204,991
 
See accompanying notes to the financial statements.


7

 
WesBanco, Inc. KSOP
Notes to the Financial Statements
December 31, 2013 and 2012

Note 1 – Description of the Plan

WesBanco, Inc. (“WesBanco” or the “Company”) is a bank holding company offering a wide range of financial services, including customary banking services, trust and investment management, insurance and brokerage services, through offices located in West Virginia, southern and central Ohio and western Pennsylvania.

The following brief description of the WesBanco, Inc. KSOP (the “Plan”) is provided for general information purposes only.  Participants should refer to the Plan Agreement and Summary Plan Description for more complete information.  The Plan is administered by a committee comprised of employees and directors appointed by the Board of Directors of WesBanco.  The Plan includes an employee stock ownership plan (“ESOP”) and a contributory 401(k)-profit sharing plan.  PNC Bank, N.A. (“PNC” or “Trustee”) is the trustee and record-keeper of the Plan.  Trustee fees may be paid by the Plan or WesBanco, the Plan Sponsor, at the discretion of WesBanco.

Employee Stock Ownership Plan – Employer contributions to the ESOP are made in an amount determined by the Board of Directors.  For any year in which the ESOP has a loan outstanding, the contribution may be no less than is needed to pay the required principal and interest on the loan for that year, net of dividends received on unallocated common stock.  There was no ESOP loan outstanding at December 31, 2013 and 2012.  The ESOP makes contributions to the participants who complete 1,000 hours of service during the plan year and who are actively employed on December 31. Contributions and forfeitures are allocated to participants in proportion to each participant’s compensation but cannot exceed the lesser of $51,000 or 100% of such participant’s compensation during the plan year.

Participants’ interests in the ESOP are fully vested after five years of service.  Distributions to participants who have left employment of the Company or their beneficiaries may be paid in either cash or stock in a lump-sum or installments over a period that the participant selects, within certain plan restrictions.  Generally, terminations of employment prior to completion of five years of service for reasons other than death, normal retirement or permanent disability result in forfeiture.  Forfeitures of terminated non-vested account balances at December 31, 2013 and 2012 totaled $13,269 and $3,454, respectively.  No employer ESOP contributions were made for the years ended December 31, 2013 and 2012.

401(k) – The 401(k) provides for salary deferral and matching employer contributions.  An employee who has completed 60 days of service after attaining 21 years of age shall be eligible to become a participant of the 401(k) the first day of each calendar month.  Eligible employees can invest the employee deferral, employer matching and employee rollover contribution among funds that are made available by the Plan Administrator.  A participant’s interest is 100% vested in the employee deferral, employer matching and rollover accounts upon becoming eligible to
 
 
8

 
Note 1 – Description of the Plan (continued)

participate in the 401(k).  Hardship distributions can be made from a participant’s employee deferral account with approval by the Plan Administrator, if specific criteria are met. Employer matching contributions may be paid to the Plan in cash or shares of WesBanco, Inc. common stock, as determined by the Board of Directors. Participants may redirect any employer matching contributions made in common stock into other registered investment funds. For the years ended December 31, 2013 and 2012, the matching contributions were equal to 100% of the first 3% of compensation deferred and 50% of the next 2% of compensation deferred and were paid in cash.  The amount of the contribution did not exceed the $51,000 total contribution (employees' salary deferrals plus employer's matching contributions) amount permitted by federal law.

The Plan includes provisions authorizing loans from the Plan to active eligible participants.  The minimum loan amount is $1,000 while the maximum loan is determined by the available loan balance which is restricted to the lesser of $50,000 or 50% of the participant’s vested account balance.  A participant may have two loans outstanding at any given time.  Loans are evidenced by promissory notes and are repayable over a period not to exceed five years, except loans to purchase a principal residence, which must be repaid over a period not to exceed ten years.  Loans bear an interest rate commensurate with the prevailing rate charged by commercial lenders in the business of making similar type loans.  Loans outstanding at December 31, 2013 had an interest rate of 3.25% with maturities through April 2022.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation – The financial statements of the Plan are prepared on an accrual basis except for distributions to participants that are recorded when paid.  Purchases and sales of securities are accounted for as of the trade date.  Interest and dividend income is recorded as earned.

Valuation of Investments – The Plan’s investments are stated at fair value.  Securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the plan year.  Shares of registered investment companies are valued at the net asset value of shares held by the Plan at year-end.

Use of Estimates – The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates that affect the amounts reported in the financial statements, accompanying notes, and supplemental schedules.  Actual results could differ from those estimates.

Plan Termination – Although it has not expressed any intent to do so, WesBanco has the right to amend or terminate the Plan at any time.  In the event that the Plan is completely or partially terminated or WesBanco determines it will permanently discontinue making contributions to the
 
 
9

 
Note 2 – Summary of Significant Accounting Policies (continued)

Plan, all property then credited to the participants’ accounts will immediately become fully vested and non-forfeitable.  The Trustee will be directed to either continue to hold the property in the participants’ accounts in accordance with provisions of the Plan or distribute to such participants all property allocated to their accounts.

Loans to Participants – Loans to participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans can either be charged a late fee or be called due to a default of payment in principal and interest, at which time the participant loan would be reclassified as a distribution based upon the terms of the Plan.

Note 3 – Party-in-Interest Transactions

Certain Plan investments are shares of a money market fund managed by PNC. PNC is the trustee as defined by the Plan and, therefore, transactions involving these investments qualify as party-in-interest transactions.

Legal, accounting and other administrative fees are paid at the discretion of the Plan Sponsor by the Plan or the Plan Sponsor.  WesBanco Bank, Inc., a subsidiary of the Company, provides investment advisory services for the WesMark Funds, a mutual fund family.  The Plan is administered by the Plan Sponsor.  In addition, the Plan holds common shares of WesBanco, Inc., the Plan Sponsor, that paid dividends to the Plan totaling $521,347 and $496,415 for the years ended December 31, 2013 and 2012, respectively. The Plan also invests in WesMark Funds that paid dividends to the Plan totaling $177,134 and $173,979 for the years ended December 31, 2013 and 2012, respectively.

Note 4 – Income Tax Status

The Plan has received a determination letter from the Internal Revenue Service (“IRS”) dated December 20, 2012, stating that the Plan is qualified under Section 401(a) of the Internal Revenue Code (“IRC”) and, therefore, the related trust is tax-exempt.  Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualified status.  The Plan Administrator has indicated that it will take the necessary steps, if any, to bring the Plan’s operations into compliance with the IRC.

Accounting principles generally accepted in the United States require plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not, based on the technical merits, to be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2013, there are no uncertain positions taken or expected to be taken. The Plan has recognized no interest or penalties related to uncertain tax positions. The Plan is subject to routine audits by taxing
 
 
10

Note 4 – Income Tax Status (continued)

jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2010.
 
 
11

Note 5 – Investments

For the years ended December 31, 2013 and 2012, the Plan’s investments, including investments bought, sold, and held during the year, appreciated or depreciated in fair value, as determined by quoted market prices as follows:

           
2013
   
2012
             
Net
     
Net
           
Fair
Appreciation
   
Fair
Appreciation
           
Value
(Depreciation)
   
Value
(Depreciation)
Participant-directed investments:
               
 
Registered investment companies - mutual funds:
             
 
     American Balanced R4
 
*
 $       4,726,649
 $      753,166
 
*
 $       3,699,660
 $      397,284
 
     American Century Equity Income
   
          3,737,040
         213,156
   
          1,723,935
         110,986
 
     American EuroPacific Growth R4
   
          3,464,400
         546,501
   
          2,985,210
         445,049
 
     American Growth Funds of America R4
*
          4,691,851
         931,849
 
*
          3,408,524
         571,750
 
     American Small Cap World R4
   
          3,095,155
         477,839
   
          1,084,405
         163,124
 
     BlackRock GNMA Service
   
             543,833
          (39,415)
   
             607,631
          (10,009)
 
     BlackRock S&P 500 Stock Fund
   
          2,898,472
         440,077
   
                      -
                   -
 
     Davis New York Venture Fund Adv.
   
                       -
           92,326
   
          1,160,519
           80,794
 
     Federated Total Return Government Bond
 
             793,184
          (51,178)
   
             935,770
          (16,069)
 
     Fidelity Advisor Small Cap A
 
*
          4,719,762
         462,551
   
          1,993,647
         103,333
 
     PIMCO Total Return
     
          2,566,211
        (129,914)
   
          2,348,978
           52,680
 
     BlackRock Index Equity
   
                       -
         185,247
   
          2,036,180
         239,645
 
     Royce Low Price Stock
     
                       -
         106,690
   
          1,447,306
          (36,479)
 
     T. Rowe Price Growth Stock Fund Adv.
 
          3,468,563
         935,106
   
          2,368,022
         350,037
 
     T. Rowe Midcap Value
     
             847,923
         141,102
   
             486,451
           32,827
 
     T. Rowe Price Target Retirement 2010 Fund Adv.
 
          1,330,901
           91,429
   
          1,152,150
           90,434
 
     T. Rowe Price Target Retirement 2020 Fund Adv.
 
          2,425,261
         239,424
   
          1,511,933
         142,081
 
     T. Rowe Price Target Retirement 2030 Fund Adv.
 
          1,895,846
         251,528
   
          1,144,780
         114,777
 
     T. Rowe Price Target Retirement 2040 Fund Adv.
 
          1,177,711
         179,134
   
             677,075
           72,913
 
     T. Rowe Price Target Retirement 2050 Fund Adv.
 
          1,026,849
         170,993
   
             716,693
           76,783
 
     Third Avenue Value Fund
   
                       -
         119,664
   
          1,360,374
         262,125
 
     WesMark Bond Fund
     
          1,197,532
          (75,802)
   
          1,763,028
             6,504
 
     WesMark Growth Fund
 
*
          5,154,814
      1,217,233
 
*
          4,123,524
         351,114
 
     WesMark Small Company Fund
   
             592,104
         149,612
   
             404,273
            (3,269)
 
Total registered investment companies - mutual funds
 
        50,354,061
      7,408,318
   
        39,140,068
      3,598,414
                       
 
Common stock:
                 
 
     WesBanco, Inc. Common Stock
 
*
        21,071,084
      6,495,249
 
*
        16,047,778
      1,999,331
                       
 
Money market fund:
                 
 
     PNC Money Market Service Class Unitized Trust
*
          6,371,108
                   (2)
 
*
          5,810,517
                   (1)
Total investments
     
 $     77,796,253
 $ 13,903,565
   
 $     60,998,363
 $   5,597,744
                       
                       
*
The fair value of these individual investments represents 5% or more of the Plan's net assets.
       
 
 
12

Note 6 – Fair Value Measurement

The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, Fair Value Measurement and Disclosures, provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lower priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FASB ASC 820 are described below:


Level 1 - Valuations are based on unadjusted quoted prices in an active market for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 - Valuations are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 - Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Following is a description of the valuation techniques and inputs used for each major class of assets measured at fair value.

Registered Investment Companies and equity securities: The fair value of registered investment companies is stated at the net asset value (“NAV”) as reported by the funds on the last business day of the plan year. Equity securities are valued at the closing price reported on the active market on which the individual securities are traded.

Money market fund: Valued at NAV and held by the Plan at year-end.

FASB provides investors with a practical expedient for measuring the fair value of investments in certain entities that calculate NAV. The practical expedient enables an entity holding investments in certain entities that calculate net asset value per share or its equivalent for which the fair value is not readily determinable, to measure the fair value of such investments on the basis of that net asset value per share or its equivalent without adjustment.
 
 
13

 
Note 6 – Fair Value Measurement (continued)

As a practical expedient, fair value of the money market fund is valued at the NAV as determined by the custodian of the fund and is tracked on a unitized basis. Unitizing the money market fund allows for daily trades. The money market fund includes short-term United States dollar denominated money market instruments. The money market fund can be redeemed at its NAV measurement date as there are no significant restrictions on the ability of participants to sell this investment. The application of the practical expedient did not have a material effect on the Plan’s fair value measurements.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value:
 
         
Assets at Fair Value as of December 31, 2013
         
Level 1
Level 2
Level 3
Total
                 
Registered investment companies
         
 
Fixed income
   
 $  5,100,760
 $              -
 $              -
 $   5,100,760
 
Balanced and lifestyle
 
   12,583,217
                 -
                 -
    12,583,217
 
Large cap growth
   
     8,160,414
                 -
                 -
      8,160,414
 
Large cap value
   
     3,737,040
                 -
                 -
      3,737,040
 
Large cap blend
   
     8,053,286
                 -
                 -
      8,053,286
 
Mid cap value
   
        847,923
                 -
                 -
         847,923
 
Small cap growth
   
     5,311,866
                 -
                 -
      5,311,866
 
International
   
     3,464,400
                 -
                 -
      3,464,400
 
Worldwide
   
     3,095,155
                 -
                 -
      3,095,155
Total registered investment companies
   50,354,061
                 -
                 -
    50,354,061
Equity securities
   
   21,071,084
                 -
                 -
    21,071,084
Money market fund
   
                  -
     6,371,108
                 -
      6,371,108
 
Total investments at fair value
 
 $71,425,145
 $  6,371,108
 $              -
 $ 77,796,253
 
 
14

Note 6 – Fair Value Measurement (continued)
 
         
Assets at Fair Value as of December 31, 2012
         
Level 1
Level 2
Level 3
Total
                 
Registered investment companies
         
 
Fixed income
   
 $  5,655,407
 $              -
 $              -
 $   5,655,407
 
Balanced and lifestyle
 
     8,902,291
                 -
                 -
      8,902,291
 
Large cap growth
   
     5,776,546
                 -
                 -
      5,776,546
 
Large cap value
   
     2,884,454
                 -
                 -
      2,884,454
 
Large cap blend
   
     6,159,704
                 -
                 -
      6,159,704
 
Mid cap value
   
        486,451
                 -
                 -
         486,451
 
Small cap growth
   
     2,397,920
                 -
                 -
      2,397,920
 
Small cap value
   
     1,447,306
                 -
                 -
      1,447,306
 
International
   
     2,985,210
                 -
                 -
      2,985,210
 
Worldwide
   
     2,444,779
                 -
                 -
      2,444,779
Total registered investment companies
   39,140,068
                 -
                 -
    39,140,068
Equity securities
   
   16,047,778
                 -
                 -
    16,047,778
Money market fund
   
                  -
     5,810,517
 
      5,810,517
 
Total investments at fair value
 
 $55,187,846
 $  5,810,517
 $              -
 $ 60,998,363
 
Previously reported fair value measurements as of December 31, 2012 have been restated herein to reflect as Level 2 the fair value measurement of an investment in the money market fund that is not traded in an active exchange market but for which net asset value was used as a practical expedient to estimate fair value. This fair value measurement had previously been listed as  Level 1. This adjustment had no impact on previously reported investments at fair value, statements of net assets available for benefits and changes in net assets available for benefits.

The Plan did not hold any Level 3 assets at December 31, 2013 and 2012.
 
 
15

 
Note 7 – Reconciliation of Financial Statements to the Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements at December 31, 2013 and 2012 to the Form 5500:
 
 
December 31,
 
2013
2012
     
Net assets available for benefits per the financial statements
 $    80,224,379
 $    63,204,991
Less: Amount allocated to withdrawing participants
        (1,012,256)
           (102,042)
Net assets available for benefits per Form 5500
 $    79,212,123
 $    63,102,949

The following is a reconciliation of benefits paid to participants per the financial statements for the years ended December 31, 2013 and 2012 to the Form 5500:
 
 
For the year ended
 
December 31, 2013
Benefits paid to participants per the financial statements
 $           5,863,332
Add: Amounts allocated to withdrawing participants at December 31, 2013
              1,012,256
Less: Amounts allocated to withdrawing participants at December 31, 2012
                (102,042)
Benefits paid to participants per the Form 5500
 $           6,773,546
   
   
 
For the year ended
 
December 31, 2012
Benefits paid to participants per the financial statements
 $           4,133,152
Add: Amounts allocated to withdrawing participants at December 31, 2012
                 102,042
Less: Amounts allocated to withdrawing participants at December 31,  2011
                (335,459)
Benefits paid to participants per the Form 5500
 $           3,899,735
 
 
16

 
Note 8 – Risks and Uncertainties

The Plan invests in various investment securities.  Investment securities are exposed to various risks such as interest rate, market, and credit risks.  Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

Note 9 – Subsequent Events

The Company has evaluated subsequent events through June 24, 2014, the date on which these financial statements were issued.
 
 
17

Supplemental Schedules


18
 

WesBanco, Inc. KSOP
EIN #55-0571723     Plan #002
Schedule H, Line 4i – Schedule of Assets (Held at Year End)
December 31, 2013
Identity of
                 
Issue, Borrower,
                 
Lessor, or
               
Current
Similar Party
 
Description of Investment
   
Cost
 
Value
                   
   
Registered Investment Companies
         
                 193,874
 shares
American Balanced R4
     
**
 
 $      4,726,649
                 436,061
 shares
American Century Equity Income
   
**
 
         3,737,040
                   71,905
 shares
American EuroPacific Growth R4
   
**
 
         3,464,400
                 109,828
 shares
American Growth Funds of America R4
 
**
 
         4,691,851
                   63,412
 shares
American Small Cap World R4
   
**
 
         3,095,155
                   56,946
 shares
BlackRock GNMA Service
   
**
 
            543,833
                   13,058
 shares
BlackRock S&P 500 Stock Fund
   
**
 
         2,898,472
                   72,503
 shares
Federated Total Return Government Bond
 
**
 
            793,184
                 168,864
 shares
Fidelity Advisor Small Cap A
   
**
 
         4,719,762
                 240,057
 shares
PIMCO Total Return
     
**
 
         2,566,211
                   66,819
 shares
T. Rowe Price Growth Stock
   
**
 
         3,468,563
                   28,330
 shares
T. Rowe Midcap Value
     
**
 
            847,923
                   75,065
 shares
T. Rowe Price Target Retirement 2010 Fund
 
**
 
         1,330,901
                 119,648
 shares
T. Rowe Price Target Retirement 2020 Fund
 
**
 
         2,425,261
                   84,485
 shares
T. Rowe Price Target Retirement 2030 Fund
 
**
 
         1,895,846
                   50,654
 shares
T. Rowe Price Target Retirement 2040 Fund
 
**
 
         1,177,711
                   79,171
 shares
T. Rowe Price Target Retirement 2050 Fund
 
**
 
         1,026,849
                 122,447
 shares
WesMark Bond Fund
   
*
**
 
         1,197,532
                 288,139
 shares
WesMark Growth Fund
   
*
**
 
         5,154,814
                   43,062
 shares
WesMark Small Company Growth
 
*
**
 
            592,104
   
Total Registered Investment Companies
     
 $    50,354,061
                   
   
Money Market Funds
           
              5,453,316
 units
PNC Money Market Service Class
         
   
     Unitized Trust
   
*
**
 
 $      6,371,108
                   
   
Equity Securities
           
                 657,425
 shares
WesBanco, Inc. Common Stock
 
*
**
 
 $    21,071,084
                   
   
Participant Loans
           
   
Loan Account (interest rates of 3.25% and
*
     
   
    have maturities through April 2022
     
 $      2,119,661
                   
* Party-in-interest
                 
** Participant-directed investment, cost not required.
           

19
 
 
WesBanco, Inc. KSOP
EIN #55-0571723     Plan #002
Schedule H, Line 4j – Schedule of Reportable Transactions
For the Year Ended December 31, 2013
 
         
Current
 
         
Value of
 
         
Asset on
 
Identity of
 
Purchase
Selling
Cost of
Transaction
Net Gain /
Party Involved
Description of Assets
Price
Price
Asset
Date
(Loss)
             
There were no Category I, II, III or IV reportable transactions for the year ended December 31, 2013.
 
 
 
20
 
EXHIBIT INDEX

Exhibit No.                                Exhibit Description                                                                                                           

23.1  
Consent of Independent Registered Public Accounting Firm


21